Cummins Inc. (CMI) Shares Sold by First Mercantile Trust Co.
First Mercantile Trust Co. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 7.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,481 shares of the company’s stock after selling 113 shares during the period. First Mercantile Trust Co.’s holdings in Cummins were worth $240,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Carroll Financial Associates Inc. increased its stake in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares in the last quarter. First Manhattan Co. increased its stake in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares in the last quarter. First Interstate Bank increased its stake in Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares in the last quarter. Harbour Capital Advisors LLC bought a new stake in Cummins during the first quarter valued at approximately $150,000. Finally, Pathstone Family Office LLC bought a new stake in Cummins during the first quarter valued at approximately $153,000. 80.66% of the stock is owned by hedge funds and other institutional investors.
Cummins Inc. (CMI) opened at 150.79 on Monday. The stock has a market capitalization of $25.18 billion, a P/E ratio of 17.04 and a beta of 1.09. The stock’s 50 day moving average price is $161.81 and its 200-day moving average price is $155.47. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. Cummins’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.40 EPS. Equities research analysts expect that Cummins Inc. will post $7.98 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $1.08 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.86%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 48.76%.
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Several analysts have commented on CMI shares. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Thursday, July 20th. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Goldman Sachs Group, Inc. (The) downgraded Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective for the company. in a research note on Monday, August 7th. Stifel Nicolaus upped their price objective on Cummins from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Thursday, June 15th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 price objective on shares of Cummins in a research note on Monday, June 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $156.21.
In other Cummins news, VP Anant Talaulicar sold 1,650 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total value of $259,875.00. Following the transaction, the vice president now owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The disclosure for this sale can be found here. Insiders sold 60,969 shares of company stock worth $10,053,755 in the last ninety days. 0.62% of the stock is owned by corporate insiders.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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